NAIROBI, Kenya, Nov 3 – The Higher Education Loans Board (HELB) is set to release loans for First Year students under the New Funding Model on Tuesday next week, Education Cabinet Secretary Ezekiel Machogu ha announced.
In a communiqué to newsrooms, Machogu called on all successful applicants of the new education loans to ensure that their bank credentials are aligned to facilitate smooth disbursement of their loans to their accounts.
”The Higher Education Loans Board has finalized the processing of loans for First Year students in universities and TVETs under the New Higher Education Funding Model. Consequently, the Ministry wishes to inform successful applicants that the funds will be disbursed to their respective universities and student accounts starting Tuesday 7 November, 2023,” the communiqué stated.
”Students are advised to ensure that their bank details, as provided in the application for the loans, are correct and up to date,” it added.
The new varsity funding Model was unveiled by president William Ruto in May in what the head of state maintains will onboard needy students onto less costly learning trajectories.
Under the new funding model, learners are grouped into four categories under which they are funded which considers whether they are either vulnerable, extremely needy, needy or less needy.
The vulnerable in universities are set to receive 100 percent scholarship with the government scholarship standing at 82 percent while the loan takes 18 percent.
The extremely needy students will receive 70 percent of government scholarships while the loans will contribute to 30 percent of the tuition fee.
The needy and less needy will receive 93 percent of government scholarships with 7 percent being household contributions in meeting the fees requirement.
